4 Mar 2014
GBP/USD has military exercises around 1.67 with 1.6788 as a target
FXStreet (Moscow) - GBP/USD managed to extend the rise up to 1.6715 session highs, where it trades for the moment.
Pound needs some food
The pair is again on the rise getting some positive impulses from Russia-Ukrainian radio silence, and sweet promises of 2015 tax cuts from UK premier Cameron. The series of stops was triggered on the way to 1.6715 high, but the sellers' demand is rumored around 1.6720-30 area that will be hard to break without some catalyst. The scheduled for release UK Construction PMI report may give the needed fuel. The index is forecasted to fall from the long-term high at 64.6 to 63.6. However, if it comes out above expectations, wait for another move higher as the market will take it as another argument for strong 1Q GDP data. The upside is limited by 1.6788 resistance level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6688, with support below at 1.6622, 1.6588 and 1.6522, with resistance above at 1.6722, 1.6788, and 1.6822. Hourly Moving Averages are largely bearish, with the 200SMA at 1.6676, and the daily 20EMA bullish at 1.6615. Hourly RSI is neutral at 37.
Pound needs some food
The pair is again on the rise getting some positive impulses from Russia-Ukrainian radio silence, and sweet promises of 2015 tax cuts from UK premier Cameron. The series of stops was triggered on the way to 1.6715 high, but the sellers' demand is rumored around 1.6720-30 area that will be hard to break without some catalyst. The scheduled for release UK Construction PMI report may give the needed fuel. The index is forecasted to fall from the long-term high at 64.6 to 63.6. However, if it comes out above expectations, wait for another move higher as the market will take it as another argument for strong 1Q GDP data. The upside is limited by 1.6788 resistance level.
What are today’s key GBP/USD levels?
Today's central pivot point can be found at 1.6688, with support below at 1.6622, 1.6588 and 1.6522, with resistance above at 1.6722, 1.6788, and 1.6822. Hourly Moving Averages are largely bearish, with the 200SMA at 1.6676, and the daily 20EMA bullish at 1.6615. Hourly RSI is neutral at 37.